Biosite (NASDAQ:BSTE)
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Inverness Medical Innovations, Inc. (Amex: IMA) and Biosite Incorporated
(Nasdaq: BSTE) today announced that the waiting period required under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to
Inverness’ proposed acquisition of Biosite
pursuant to a cash tender offer of $92.50 per share has expired without
a request for additional information.
The expiration of the Hart-Scott-Rodino waiting period has satisfied one
of the conditions to the closing of the tender offer. The tender offer
and withdrawal rights are currently scheduled to expire at 12:00
midnight, New York City time, on Monday, June 25, 2007 (the end of the
day on Monday), unless extended.
Advisors:
UBS Investment Bank is acting as financial advisor to Inverness as well
as serving as dealer manager for the proposed tender offer. Covington
Associates is acting as financial advisor to Inverness and Goldman,
Sachs & Co. is acting as financial advisor to Biosite. Goodwin Procter
LLP is serving as legal counsel to Inverness and Cooley Godward Kronish
LLP and Potter Anderson & Corroon LLP are serving as legal counsel to
Biosite.
About Inverness:
Inverness Medical Innovations, Inc. is a leading developer of advanced
diagnostic devices and is presently exploring new opportunities for its
proprietary electrochemical and other technologies in a variety of
professional diagnostic and consumer-oriented applications including
immuno-diagnostics with a focus on women's health, cardiology and
infectious disease. The Company's new product development efforts, as
well as its position as a leading supplier of consumer pregnancy and
fertility/ovulation tests and rapid point-of-care diagnostics, are
supported by the strength of its intellectual property portfolio.
Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Innovations, Inc.,
please visit our website at www.invernessmedical.com.
About Biosite:
Biosite Incorporated is a leading bio-medical company commercializing
proteomics discoveries for the advancement of medical diagnosis. The
company's products contribute to improvements in medical care by aiding
physicians in the diagnosis of critical diseases and health conditions.
The Biosite Triage(R) rapid diagnostic tests are used in more than 70
percent of U.S. hospitals and in more than 60 international markets.
Information on Biosite can be found at www.biosite.com.
Additional Information About the Proposed Transaction and Where to
Find It:
This press release is neither an offer to purchase nor a solicitation of
an offer to sell shares of Biosite. Stockholders of Biosite are urged to
read the relevant tender offer documents because they contain important
information that stockholders should consider before making any decision
regarding tendering their shares. Inverness and its acquisition
subsidiary have filed tender offer materials with the U.S. Securities
and Exchange Commission (SEC), and Biosite has filed a
Solicitation/Recommendation Statement with respect to the offer. The
tender offer materials (including an Offer to Purchase, a related Letter
of Transmittal and certain other offer documents) and the
Solicitation/Recommendation Statement contain important information,
which should be read carefully before any decision is made with respect
to the tender offer. The Offer to Purchase, the related Letter of
Transmittal and certain other offer documents, as well as the
Solicitation/Recommendation Statement, are available to all stockholders
of Biosite at no expense to them. The tender offer materials and the
Solicitation/Recommendation Statement are available for free at the SEC’s
website at http://www.sec.gov. In
addition, stockholders are able to obtain a free copy of these documents
from (i) Inverness by mailing requests for such materials to: Investor
Relations Department, 51 Sawyer Road, Suite 200, Waltham, MA 02453 and
(ii) Biosite by mailing requests for such materials to: Investor
Relations, Biosite Incorporated, 9975 Summers Ridge Road, San Diego,
California 92121. In addition to the Offer to Purchase, the related
Letter of Transmittal and certain other offer documents, as well as the
Solicitation/Recommendation Statement, Biosite and Inverness file
annual, quarterly and special reports, proxy statements and other
information with the SEC. You may read and copy any reports, statements
or other information filed by Biosite or Inverness at the SEC public
reference room at 100 F Street, N.E., Washington, D.C. 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the public
reference room. Biosite’s and Inverness’
filings with the SEC are also available to the public from commercial
document-retrieval services and at the website maintained by the SEC at http://www.sec.gov.